Waaree Energies and Vedanta set to announce Q4 results; Check the estimates

Synopsis: Waaree Energies and Vedanta are set to announce their Q4FY26 results on April 29, with brokerages expecting strong year-on-year growth but mixed sequential trends. While Waaree’s growth is driven by capacity expansion and solar demand, Vedanta’s performance is likely to be supported by steady commodity prices and improved operational efficiency. 

As the Q4FY26 earnings season picks up pace, Waaree Energies And Vedanta are set to announce their quarterly and full-year results on April 29, 2026, drawing investor attention. With expectations building around growth, margins, and future outlook, here are the key estimates and trends one should watch closely ahead of the announcements.

What Are The Expectations For Waaree Energies? 

Brokerages remain broadly positive on Waaree Energies, highlighting strong execution, scale-up visibility, and an expanding integrated play across the solar value chain, although near-term risks remain. Anand Rathi notes that the company’s consistent execution, reflected in sharp year-on-year growth in revenue, EBITDA, and profit in Q3FY26, strengthens confidence in its ability to scale efficiently. It adds that while sector valuations may remain under pressure due to macro uncertainty, policy risks, and rising capacity, Waaree’s ongoing capex plans will deepen its manufacturing integration and improve competitiveness. 

Similarly, Prabhudas Lilladher highlights strong operational momentum, driven by robust production, capacity additions, and a large and growing order book. The brokerage also points to progress in the US and Oman projects, along with plans to significantly expand module, cell, and ingot capacities, and scale up its BESS business, reinforcing a long-term integrated growth roadmap despite heavy capital investments.

According to an older report from Motilal Oswal, Waaree stands out as a key beneficiary of India’s solar manufacturing push, supported by strong policy backing, rising domestic demand, and its leadership position in capacity and market share. The brokerage emphasizes its presence across the entire solar value chain, including EPC, storage, and green hydrogen, which strengthens long-term growth potential. However, it also flags risks such as rising competition, execution challenges in backward integration, and sensitivity to global markets, especially the US. 

Emkay Global Financial Services adds that recent US duties on solar imports have created negative sentiment, but the company remains largely insulated due to its diversified sourcing strategy and limited reliance on affected regions. It also highlights Waaree’s expanding US manufacturing footprint, which is expected to support its order book and position it well in a key long-term market.

What Are The Estimates For Waaree Energies?

According to estimates from Anand Rathi, Motilal Oswal, Prabhudas Lilladher and Emkay Global Financial Services, Waaree Energies is expected to report strong year-on-year growth in Q4FY26, though sequential trends may be mixed. Revenue estimates are in the range of Rs. 7,742.98 crore to Rs. 8,992.38 crore, implying a year-on-year growth of 93.38 percent to 124.59 percent over Rs. 4,003.93 crore in Q4FY25. On a quarter-on-quarter basis, this suggests growth of 2.35 percent to 18.87 percent over Rs. 7,565.05 crore in Q3FY26. 

Prabhudas Lilladher and Anand Rathi are closer to the lower end of the revenue range, while Motilal Oswal and Emkay Global are relatively more bullish, with Emkay estimating the highest revenue at Rs. 8,992.38 crore.

On the operating front, EBITDA is expected in the range of Rs. 1,628.92 crore to Rs. 2,078.72 crore, compared with Rs. 922.58 crore in Q4FY25 and Rs. 1,928.16 crore in Q3FY26. This indicates year-on-year growth of 76.56 percent to 125.32 percent, but a quarter-on-quarter movement ranging from a decline of 15.52 percent to a growth of 7.81 percent. Motilal Oswal is the most conservative on EBITDA, while Emkay Global is the most bullish. EBITDA margin estimates range from 19.40 percent to 23.11 percent. 

PAT estimates stand between Rs. 1,295.09 crore and Rs. 1,528.09 crore, implying year-on-year growth of 109.25 percent to 146.90 percent and quarter-on-quarter growth of 21.90 percent to 43.83 percent. Prabhudas Lilladher is the most bullish on PAT, while Motilal Oswal has the lowest PAT estimate.

What Are The Expectations For Vedanta?

Motilal Oswal believes that Vedanta Ltd delivered an operational performance in Q3FY26 that was largely in line with expectations, supported by higher volumes and favourable global metal prices. Following this, the brokerage has raised its FY26 estimates for revenue, EBITDA and profit, reflecting the stronger-than-expected earnings during the quarter. 

The brokerage highlights that the company’s ongoing capital expenditure plans are progressing well and are likely to help reduce costs over time. Management continues to focus on driving earnings growth through upcoming capacities, especially in higher value-added products. At the same time, the company remains committed to reducing its debt, and higher cash flows going forward are expected to support both expansion plans and deleveraging efforts.

What Are The Estimates For Vedanta?

According to estimates from Motilal Oswal and ICICI Securities, Vedanta Ltd is expected to report steady growth in Q4FY26, supported by strong commodity realizations and operational performance. Revenue is estimated in the range of Rs. 48,693.3 crore to Rs. 49,180 crore, indicating a year-on-year growth of 20.35 percent to 21.55 percent over Rs. 40,460 crore in Q4FY25. On a quarter-on-quarter basis, this translates into a growth of 4.38 percent to 5.42 percent over Rs. 46,650 crore in Q3FY26, with both brokerages broadly aligned on the revenue outlook.

On the profitability front, EBITDA is expected in the range of Rs. 16,345.9 crore to Rs. 16,440 crore, compared with Rs. 11,470 crore in Q4FY25 and Rs. 15,170 crore in Q3FY26. This implies a strong year-on-year growth of 42.51 percent to 43.34 percent and a quarter-on-quarter increase of 7.75 percent to 8.37 percent. EBITDA margins are expected to remain stable at around 33.4 percent to 33.6 percent. PAT is estimated in the range of Rs. 8,110 crore to Rs. 8,292.2 crore, suggesting a sharp year-on-year growth of 63.51 percent to 67.20 percent and a sequential growth of 3.84 percent to 6.17 percent. ICICI Securities is slightly more bullish on profitability, while Motilal Oswal remains broadly in line with the overall trend.

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